Top stories today:

1. U.S., China finalize trade deal as White House eyes 10 more: Lutnick
2. GDP revised from -0.2% to -0.5% in Q1 as consumer spending slows
3. Apple overhauls EU App Store to comply with DMA, swaps fee
4. Meta could buy AI voice startup PlayAI in talent push
5. Uber said to be in talks with founder Kalanick to buy Pony.ai

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. U.S., China finalize trade deal as White House eyes 10 more: Lutnick

• The China deal was signed 2 days ago, U.S. Commerce Secy. Howard Lutnick said.

• “They’re going to deliver rare earths to us,” and once they do that, “we’ll take down our countermeasures,” Lutnick stated.

• Unclear whether the 55% tariff on China will change.

• China confirmed the U.S. trade framework and vowed to review its exports.

• Indian trade officials are slated to hold meetings with their U.S. counterparts over 2 days this week.

• Japan’s chief trade negotiator also has more talks coming up in Washington.

China’s industrial profit -9.1% YoY in May, the largest drop since Oct., highlighting the impact of U.S. tariffs

3. GDP revised from -0.2% to -0.5% in Q1 as consumer spending slows to pandemic-era low

Recreation services spending led the downward revision

• Spending on services contributed 0.3pp to GDP in Q1, the least since Q2 2020.

• +0.5% in overall consumer spending.

5. Apple overhauls EU App Store to comply with DMA, swaps fee for tiered commission